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Let’s look at the facts. Bond yields worldwide have been declining for the past 38 years. During the current expansion cycle that started in summer 2009, bond yields overall have declined (see chart infra) to a historical low (1.36% for the US 10-year T-Note and -0.18% for the German Bund in July 2016, then -0.72% for the Bund in September 2019).